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Florida Gators pick up option year on Will Muschamp's original contract

Florida has picked up the option year on football coach Will Muschamp's original five-year contract, keeping him under contract through 2016. His financial compensation remains the same.

UF spokesman Steve McClain released the following statement Friday afternoon, confirming a report in The Sporting News.

"Coach Muschamp's original contract was for five years with an option year. The UAA exercised that option year in January and he now has five years remaining on his current contract."

Florida would have to pay Muschamp $2 million for every year remaining on his contract should it fire him without cause.

Muschamp originally signed a five-year, $13.75 million contract in Dec. 2010, an average of $2,750,400 per year. He also has these performance incentives in his deal: $75,000 for winning the SEC championship game ($37,500 for winning the SEC East), $37,500 for reaching a non-BCS bowl game, $100,000 for reaching a BCS bowl game, $250,000 for winning the BCS national championship game ($150,000 for reaching it), $50,000 for being named the Associated Press coach of the year, $25,000 for being named the AP's SEC coach of the year and $50,000 for a top-10 finish in the AP or USA Today Coaches' poll.

The Gators went 7-6 in Muschamp's first season, beating Ohio State in the Taxslayer.com Gator Bowl.